2019 International Asia Conference

The rush of emerging technologies of Machine Learning, Internet of Things (IoT) and Virtual Reality (VR) is revolutionising the landscape in which humans exist. Innovators of the generation are ambitious, and their contributions have significantly impacted on various fields like healthcare, media and entertainment, agriculture, and other service models. As these technology advancements are driving new business and service models, there is a need for stakeholders and governments to ensure security and stability of the market without stifling innovations, stigmatising incentives or creating obstacles. Rapid spreading technology applications are resulting in drastic changes in today’s regulatory model, posing the difficult challenges for regulators. In India, the expeditiously developing start-up ecosystem and online consumer base, has stirred the regulators.

Intermediary liability, surveillance, data and privacy, digital taxation, data governance and sovereignty are the dominating debatable topics in India. The debates are not only between regulators and stakeholders, but consumers also joining in it. As the competition between Indian and Foreign Technology intensifies in the turf, the debate on tech-policy is considerably being mentioned in run-up of political parties to the general elections as well. Over the past one year, the country has witnessed some landmark judgments and contentious government proposals related to data and privacy, implications of which have affected over-the-top (“OTT”) services, online media, social media, e-commerce platforms, IoT services etc. The Indian regulatory framework on tech-policy is becoming stricter due to a very disruptive phase last year. The tech-giants like Facebook, Google, Twitter, and Amazon are themselves realising their enormous market influence. After the episodes of lynching, hate speeches etc., they are participating in policy-making efforts related to fake news and digital malfeasance. In this process legal industry is making considerable lobbying efforts for corporations to work with government to curb the menace of digital malpractice and make the internet safer.

As the legal industry is participating in the process of creating an innovators-friendly regulatory regime, they are also striving to understand the disruptive technologies and adopt them for their own convenience. However, legal firms must understand that the technology cannot do their job for clients but can only upgrade the business model for them. The traditional law firm business model is not in sync with legal buyers. Effective deployment of technology will ameliorate the factor of its approachability to its clients.

With the growing technology-based start-ups in India, it is going to be a hub for investments by big corporations. In order to keep attracting the investors there is a need for government to remove the potential hindrances that may make investors double-think. The government should prepare a level-playing field in the market by making citizens aware of the standard tech-policies and fostering the innovators-friendly regulatory regime.

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